The following editorial by Sen. Anthony Bucco (R-25) on Governor Phil Murphy’s massive budget and tax increase proposal was published by The Record on March 18, 2018:

Gov. Phil Murphy shocked all of New Jersey with an outrageous budget proposal that would massively increase state spending while raising taxes by billions of dollars on our already overtaxed families and businesses. While the Governor had promised tax increases during his campaign, the sheer scope of the proposal offered in his budget address last week left most in disbelief.

The Democratic leadership, which had seized every opportunity in recent years to criticize every aspect of the former administration’s budget proposals, scurried off the Assembly floor following the speech to avoid questions from the press.

What’s so distasteful? To start, Governor Murphy wants to hike spending by nearly $3 billion to $37.4 billion in 2019, an increase of almost eight percent over the current year’s budget.

]]>http://www.senatenj.com/index.php/bucco/editorial-hold-governor-accountable-for-shocking-budget-taxes/37570Sarlo, Oroho, Bucco and Singleton Lay Out Plan to Help Small Businesses, Partnerships Preserve Deductibility of State Income Taxeshttp://feedproxy.google.com/~r/senatenj/bucco/~3/JB8p-fkcj98/37431
Mon, 05 Mar 2018 20:47:23 +0000http://www.senatenj.com/?p=37431

Bipartisan plan is ‘IRS-proof’ because it simply returns New Jersey state tax law to entity-level payment system that was in place prior to 1993

Senators Paul Sarlo (D-Bergen), Steve Oroho (R-Sussex), Troy Singleton (D-Burlington) and Anthony Bucco (R-Morris) today announced a bipartisan legislative initiative that will preserve the federal deductibility of an estimated $23 billion in state income taxes for New Jersey’s small businesses and partnerships.

Sen. Steven Oroho speaking at State House press conference on March 5, 2018 with Sen. Paul Sarlo, Sen. Troy Singleton, and Sen. Anthony Bucco to announce a plan to help New Jersey’s small businesses and partnerships. (SenateNJ.com)

The legislation will amend New Jersey’s state tax code to the system that was in place prior to 1993 under which S corporations, Limited Liability Corporations (LLC’s) and other business partnerships directly paid the state income tax liability of their owners and partners.

“We’re going ‘Back to the Future’ with an IRS-proof solution,” said Senator Sarlo, chairman of the Senate Budget and Appropriations Committee. “I don’t see how the IRS could challenge our decision to return to a tax system that was in place for decades. This legislation doesn’t solve the whole problem created by a federal tax law that targets New Jersey by sharply curtailing the federal deduction for State and Local Taxes. But we are going to do everything we can to help New Jersey taxpayers.”

“This legislation will save billions of dollars for the 80 percent of New Jersey’s small businesses that are registered as S Corporations and pay their corporate taxes through the state income tax, as well as all of the law firms, medical groups, accounting practices and other partnerships that were created as LLCs,” said Senator Oroho, who is a Certified Financial Planner. “This plan works because the federal tax plan allows businesses to continue to deduct all of their taxes.”

Sen. Anthony Bucco blasted a move by the Murphy Administration that would weaken the state’s pension funds by backtracking on an important fiscal reform. (Pixabay)

“Our pension funds got into bad shape by making overly optimistic projections on the rate of return that we could expect,” said Bucco. “An important part of the fiscal reforms instituted during the Christie Administration was reducing that assumed rate of return to a realistic level. It wasn’t an easy thing to do, but it was necessary. It’s disturbing that one of the Acting Treasurer’s first official announcements is to backtrack on such an important pension reform.”

Bipartisan legislation sponsored by Senator Joe Pennacchio (R-26), Senator Anthony Bucco (R-25), and Senate Education Committee Chair M. Teresa Ruiz (D-29) to help flag teachers with allegations of child abuse or sexual misconduct during a school’s hiring process has received final legislative approval and heads to Governor Murphy for his signature.

The bipartisan legislation will help to flag teachers with allegations of child abuse or sexual misconduct during a school’s hiring process. (Flickr)

“It’s been a long road, but I’m glad to see that our effort to protect students from chronically abusive teachers is finally heading to the Governor’s desk,” said Pennacchio. “Parents need to trust that schools are able to screen out teachers with histories of sexual abuse before they ever get into a new classroom. That’s what our bill will ensure.”

The legislation, S-414, seeks to end the practice of “passing the trash,” a process through which teachers under investigation or subject to allegations of abusive behavior or sexual misconduct move from one school to the next to avoid being held accountable for their actions.

A joint resolution sponsored by Senator Anthony Bucco (R-25) to build awareness and educate New Jerseyans on rare diseases that affect the public by designating the last day of February of each year as “Rare Disease Awareness Day” has passed the Senate.

“Families battling rare diseases often face significant challenges, including misdiagnosis, underinvestment in related research, and a lack of support networks,” said Bucco. “By spreading awareness of the many challenges affecting those with rare diseases, we can help recognize the hardships of they face and encourage the development of better treatment options and systems of support.”

Senator Anthony Bucco’s (R-Morris and Somerset) legislation to help those who have fallen on hard times to pay their energy bills has passed unanimously by the New Jersey Senate. The measure lets New Jersey taxpayers make donations to families and individuals encountering economic difficulty, assisting them in affording their gas and/or electric bills.

“I am pleased this crucial legislation helping New Jerseyans who have hit an unexpected financial rough patch unanimously passed the Senate,” said Bucco. “It’s our moral obligation to make sure families can keep their heat on, especially during this brutal winter. My legislation gives New Jerseyans the opportunity to donate to such households in need. Let’s help families stay warm and safe in their homes this season.”

“By making it easier for farm markets to compete, we can encourage small business and help our farms to remain financially viable,” said Pennacchio. “We sell baked goods by the dozen and pies individually, not by weight. Farm markets should be placed on the same playing field as bakeries and other retail shops, allowing entrepreneurship to flourish.”

A pair of legislative initiatives sponsored by Senator Kristin Corrado and Senator Anthony Bucco to lower the tax burden for members of our Armed Forces were approved by the Senate Military and Veterans Committee.

A pair of legislative initiatives sponsored by Sen. Kristin Corrado and Sen. Anthony Bucco to lower the tax burden for members of our Armed Forces were approved by the Senate Military and Veterans Committee. (Flickr)

The first bill, S-129 (Corrado), would exclude combat zone pay from taxation under New Jersey’s gross income tax.

“Members of our Armed Forces heroically serving in combat zones place their lives on the line every day,” said Corrado (R- Bergen, Essex, Morris, and Passaic). “They shouldn’t owe taxes to the State for the pay they earn while sacrificing so much. This is a small way New Jersey can thank them for answering the call to serve.”

Senator Anthony Bucco announced $5.18 million in awards for District 25 transportation projects from the New Jersey Transportation Trust Fund (TTF).

Senator Bucco announced $5.18 million in funding for District 25’s road and bridge infrastructures. (SenateNJ.com)

“New Jersey relies on stable and well-maintained infrastructure to keep our economy thriving,” said Bucco. “These grants will help us to get to work on important local road projects creation without burdening property taxpayers.”